DrMaddVibe
a year ago

He will make out like a bandit.

Tesla is a Tech company, not really a car company in the classical sense. They are owing chargers, home and industrial power walls, virtual grids, AI, robotics - and cars too. And there car are nothing like the competitions.

But Elon will fall inline with slowing EV sales and killing EV tax breaks.

EVs will slowly proliferate - like cell phones did. Most people have as much bad information as they do facts - by design. Just look at all the crap click bate; EVs burn, EVs kill children, they ruin the power grid, they make for vote democrat - basically anything to scare people away.

And if you say - "Hey - for 2-1/2 years its been economical and great", people like DMV will call you a liar.
My guess is DMV thinks he must stop EVs or he won't get into Dog Heaven.

Brewha wrote:




Elon is in favor for ending the subsidies. If I had to bet on the guy...I'm willing to say he sells off the whole EV thing. He wants to get to Mars really bad. If it wasn't for his EV...he wouldn't be able to buy Twitter. If it wasn't for Twitter becoming real...Trump most likely wouldn't be elected.

I didn't call you a liar did I? No, I did not.

Nothing wrong with Dog Heaven.
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KingoftheCove
a year ago

Elon is in favor for ending the subsidies. If I had to bet on the guy...I'm willing to say he sells off the whole EV thing. He wants to get to Mars really bad. If it wasn't for his EV...he wouldn't be able to buy Twitter. If it wasn't for Twitter becoming real...Trump most likely wouldn't be elected.

I didn't call you a liar did I? No, I did not.

Nothing wrong with Dog Heaven.

DrMaddVibe wrote:


😂😂

As if that fuqin matters with these clowns.

And BTW, Frankie?? WTF happened to you? You, of all people, going down the slippery slope?
Might be time to look in the mirror a bit and think
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Brewha
a year ago
Gee Frank, seems KingoftheCrapcave doesn’t like you thinking for your self.

Straighten up and fly, right, will you?
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MidnightToker( • )( • )
a year ago
A lot of generators.....
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DrMaddVibe
a year ago
The Poster Child Of Europe's Electric Car Future Just Filed For Bankruptcy After Burning Through Billions



It was supposed to be the poster child of Europe's electric car future. Instead, it filed for bankruptcy this week, a poetic end to a company which has become synonymous with Europe's "green" debacle.

For Swedish startup Northvolt AB, the route to collapse started in June when BMW AG canceled a multi-billion order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate in a Chapter 11 filing less than six months later.

As Bloomberg details, Northvolt scrambled to keep the financing flowing, but as Germany’s car industry fell deeper into a historic crisis, precipitated by a flood of cheap Chinese EV imports in the past three years...

... it became clear orders would dry up.

Setting off the infamous death spiral, the company responded to the lost revenue by retrenching expansion plans and slashing jobs. By the time the last attempt at an emergency plan failed, investors who had poured in $10 billion discovered only $30 million cash was left.

Northvolt’s filing for bankruptcy protection in the US, announced Thursday, marks one of the highest-profile setbacks for European industry against cheaper and nimbler Chinese and South Korean competition. The following day, co-founder and CEO Peter Carlsson, who only a year ago had been trumpeting Northvolt as a possible IPO candidate, resigned and warned the European Union risks falling behind on green projects.

The company needs as much as $1.2 billion to finance its new business plan, Carlsson said, telling reporters that “we’ll regret it in 20 years if we’re not driving transition” to clean technologies. Translation: I already spent all the money, but if European taxpayers don't pony up to maintain my spending habits, they will regret it.

In addition to BMW and Volkswagen, Northvolt’s top investors included Goldman Sachs’s asset management arm, Denmark’s biggest pension fund ATP, Baillie Gifford funds and a number of Swedish entities.

On Saturday, the Financial Times reported that funds run by Goldman Sachs Asset Management are set to write down almost $900 million at the end of the year. The total loss is a sharp contrast to the bank's bullish prediction just seven months ago which told investors that its investment in Northvolt was worth 4.29 times what it had paid for it, and that this would increase to six times by next year. Spoiler Alert: it would decrease by 100%.

One fund representative who spoke to Bloomberg said they were shocked at the speed with which Northvolt blew through its billions. As recently as July, the investor was confident of getting a return, but that changed in early August after getting a call from one of Northvolt’s owners, who warned that the battery maker could run out of cash by September.

The scale of the delays, and how bad things were with building budgets and construction projects remained hidden, the investor said, recounting how excel models and slide decks were used to conceal how empty the coffers had become.

The Swedish company now faces a task of restructuring, with a more focused operation set to emerge from the Chapter 11 process. Unless of course there is no value left to salvage and the bankruptcy process becomes a liquidation.

"A dilemma that these ambitious newcomers are facing is that from the get-go, they had to announce very large-scale
plans in order to be attractive for financiers," said Robert Heiler, senior manager at Porsche Consulting, part of the
sportscar unit of Volkswagen, Northvolt's top investor. "But it's really difficult to scale up" various operations "all at the
same time," he said.

Just how badly Northvolt and its financiers misjudged the situation a year ago has now become evident. As the FT then reported, last fall, the company invited investment banks to pitch for roles in an initial public offering that could have valued the battery maker at a $20 billion. Then, a little over six months later, Bloomberg reported that the IPO was pushed back from 2024. Soon after that, VW’s truck unit Scania complained after Northvolt had trouble ramping up production volumes, and then BMW pulled its €2 billion ($2.1 billion) contract to equip electric vehicles such as the i4 sedan and iX sports utility vehicle.

After repeated delays, the battery maker was unlikely to be able to produce the volumes BMW needed before 2026 — a year after predecessor models were set to be gradually phased out and almost three years after the original target date, a person familiar with the matter said, declining to be named discussing private information.

Adding insult to injury, around that time a failure to close on an equity funding round meant that a $5 billion green loan that was announced in January remained frozen.

But even then, there was still a chance for Northvolt to continue with plans for new battery plants in Germany, Sweden and Canada. In late June, Volkswagen, which owns 23% of Northvolt, was prepared to step in. But then the German auto giant faced a major crisis of its own. By late summer, with EV sales stagnant in Europe and its lucrative Chinese business flagging, VW called for unprecedented factory closures in Germany. Against the backdrop of potentially tens of thousands of layoffs at VW, Northvolt funding was off the table, and in August, VW withdrew from the equity plan.

The German automaker, which had valued its Northvolt holding at the equivalent of more than $730 million as of the end of 2023, then balked at committing to more battery purchases, Bloomberg reports citing people familiar with the matter.

Still, work on a bridge funding deal continued, with an agreement coming close to fruition as recently as October. The $300 million in emergency aid would have involved lenders, creditors and customers, but talks fell short. “In this latest funding round, VW basically told us that they are not able to continue to capitalize us,” Carlsson said on Friday.

Northvolt’s debts include a $330 million convertible loan from Volkswagen that’s due in December 2025, according to the bankruptcy court filing.

In its desperate attempts to reassure financiers, Northvolt canceled a planned expansion of its main plant in Skelleftea in northern Sweden and, in October, replaced the factory’s manager. But Carlsson acknowledges that he acted too slowly. “I should have probably pulled the brake earlier on some of the expansion paths,” he said, realizing after the fact that if your company is burning through billions and is losing key clients then, yes, you may want to slow down the spending.

While Northvolt’s big-swing approach will be second-guessed for years to come it won’t disappear in the immediate future. In its filing, the company said finding a strategic or financial partner is an overarching goal as it seeks to restructure the balance sheet and continue operations.

However, in a post-Trump world where the only remaining greater "green" fools are European socialist regimes, governments from Stockholm to Berlin have rebuffed suggestions they’d spend taxpayer funds on a rescue. German Economy Minister Robert Habeck, who had in June suggested Northvolt should build a second factory in his home country, on Saturday told DPA that he’s “cautiously optimistic” about the company’s future. Of course, nobody is cautiously optimistic about Habeck's political fate: a few weeks ago German's government collapsed spectacularly, and one of the reasons was populist pushback against continued idiotic "green" spending.

Still, the relationship with Volkswagen continues even if greatly truncated. Scania also remains a key Northvolt customer... and will provide $100 million in debtor-in-possession financing at a hefty interest rate of 16%. Northvolt will also have access to about $145 million in cash collateral. Battery plants under construction in Germany and Canada were left out of the bankruptcy, though the company said these projects will be postponed.

For once, Northvolt is making preparations in case it fails to raise funds for the future. Documents filed with the US court show that it plans to “assess potential opportunities for a sale of some or all assets and has engaged Hilco Global to assist with an orderly liquidation process if necessary.”

Spoiler alert: Hilco will be very busy soon as yet another core pillar of Europe's "green" dream liquidates in bankruptcy.

https://www.zerohedge.com/markets/poster-child-europes-electric-car-future-just-filed-bankruptcy-after-burning-through 

How much wood could a woodchuck chuck if a woodchuck could chuck wood?
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DrMaddVibe
a year ago
Amazon Uses Huge Diesel Generator To Charge Electric Delivery Van Fleet



Amazon closed out 2024 with more than 20,000 electric delivery vans manufactured by Rivian in its fleet nationwide. The e-commerce giant highlights on its website that the electric vans are part of its "urgent" climate change initiative to "remove carbon emissions from transportation systems."

However, Amazon faces mounting criticism for gaslighting the public about its net zero goals and actual operational fleet practices.

Take, for instance, Amazon's website. Within the Sustainability section, the company laid out its approach to fight so-called global warming:

"To reach this target, we're also expanding the use of zero-emission transportation such as electric delivery vans, cargo e-bikes, and on-foot deliveries, and we engage in industry initiatives to remove carbon emissions from transportation systems like ocean shipping, aviation, and trucking. We're also using innovative construction techniques and building materials to make our fulfillment centers, data centers, offices, and physical retail locations more sustainable."

Amazon's climate pledge on its website.

While the company promotes its electric delivery vans as part of its effort to save the planet from a fiery demise—an end-of-world scenario Al Gore has inaccurately predicted for decades—it appears that, at least in one location, Amazon is reportedly relying on a massive diesel generator to charge a fleet of Rivian vans.

On Tuesday, TikTok user drewgoo posted a video that shows "Diesel Generator powering electric Amazon trucks."

"So I understand green energy, electric vehicles - Amazon is doing their part. Stay green. But doesn't it defeat the purpose when you have a diesel-powered generator electrifying all of the EVs? It makes no sense," the TikTok user said in the video.

The video was also uploaded on X.

Meanwhile, the Amazon founder (Jeff Bezos) is sailing around the world in a superyacht with massive diesel motors. He also flies in private jets that gobble up huge amounts of jet fuel. The climate emergency doesn't apply to the billionaire climate alarmists. Folks are starting to understand the climate grift, while governments ban gas stoves from ordinary folks.

Also, have you ever considered the only way 'green' politicians and billionaires tell the public to save the planet from a fiery demise—to purchase more solar panels and EVs? Who produces the rare earth minerals used in EVs? Who manufactures the solar panels? It's not difficult to follow the money: China.

All just a fantasy using taxpayer dollars to incentivize a pipe dream. Glorified golf carts. Never going to be for everyone. EVER.

Here's a lil taste...

https://www.zerohedge.com/technology/2024-registrations-new-electric-cars-plummet-275-germany-petrol-dominates [/i]
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DrMaddVibe
a year ago
Nikola's Wild Ride Ends: Shares Halted Following Bankruptcy Filing


Short seller Nathan Anderson, founder of Hindenburg Research, was one of the first to expose electric vehicle and energy company Nikola Corporation's deceptive 2020 promotional video, which showed its Nikola One truck rolling down a hill to simulate full functionality. Years later, as the 'green tech' bubble continues deflating, Nikola has filed for bankruptcy on Wednesday morning...

Nikola issued a press release stating that it filed for Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. The company also filed a motion seeking permission to pursue an auction and sale process under Section 363 of the US Bankruptcy Code.

The defunct startup listed assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion in its petition. It noted that $47 million in cash was on hand to fund activities.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations. Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the company and its stakeholders," said Steve Girsky, President and CEO of Nikola.

The filing comes nearly a month after a Bloomberg report showed the startup was exploring options to address dwindling cash reserves, including selling part or all of its business, bringing in partners, or initiating a new funding round. Earlier this month, The Wall Street Journal reported that Nikola was on the brink of bankruptcy.

We all remember Trevor Milton—the founder and former CEO of Nikola—who was found guilty in 2022 on two counts of securities fraud and one count of wire fraud. Milton's scheme involved promoting the viability of its hydrogen-powered, zero-emission trucks on social media and podcasts, despite having a functional prototype.

At one point, Nikola commanded a $30 billion market cap ... five years later, it's now worth zero ... Thank you for playing.

Trading is halted in the premarket.

Nikola is the prime example of greenwashing during the green energy bubble during the Biden-Harris regime years.

Trevor Milton responds to reader mail @elonmusk pic.twitter.com/yOhYeonsoO
— Whole Mars Catalog (@WholeMarsBlog) August 2, 2021

LoL.

https://www.zerohedge.com/markets/nikolas-wild-ride-ends-shares-halted-following-bankruptcy-filing 


Another one bites the dust...
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Brewha
a year ago
Now here is a good indicator of our future –

The New Dodge Charger Daytona EV is a massive flop – and Dodge is pausing production. 2025 1st quarter sales have not even reached 2,000 units.



A couple of thoughts about this:

People buy cars for largely emotional reasons. Logic often rides in the back seat, if it comes along at all.

Dodge built the car no one asked for; the Dodge Charger/Challenger fan base is not the “type” of buyer who would want a Tech car.

Rather than offer a new, different alternative to there thumping V8’s, they replaced them outrightly and recycled the name – you gotta know that pizzed some people off.

This really characterized America. It’s a plainly a better product, but so what? We buy a “fast cars” to do burn outs – not win drag races. Loud and smoky is way better that disappearing with a 2 second 0-60 time. "And I’m gunna run open pipes on my Harley just to tell everyone FTW!"
You gotta love us.



The real irony here is that the attraction of a V8 muscle car is its raw power, speed, and it setting you apart from the crowd. And if you offer up a car that has more power, is much faster, and uniquely different for its future forward technology – people will still want a “hemi”.
Even though engines with true hemispherical heads were abandoned in the last century….
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RayR
a year ago
I heard they were just following that EV Mandate thing, which was all about forcing people to buy something they didn't want and couldn't afford.
Now that the EV Mandates were cancelled....
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Gene363
a year ago

Now here is a good indicator of our future –

The New Dodge Charger Daytona EV is a massive flop – and Dodge is pausing production. 2025 1st quarter sales have not even reached 2,000 units.



A couple of thoughts about this:

People buy cars for largely emotional reasons. Logic often rides in the back seat, if it comes along at all.

Dodge built the car no one asked for; the Dodge Charger/Challenger fan base is not the “type” of buyer who would want a Tech car.

Rather than offer a new, different alternative to there thumping V8’s, they replaced them outrightly and recycled the name – you gotta know that pizzed some people off.

This really characterized America. It’s a plainly a better product, but so what? We buy a “fast cars” to do burn outs – not win drag races. Loud and smoky is way better that disappearing with a 2 second 0-60 time. "And I’m gunna run open pipes on my Harley just to tell everyone FTW!"
You gotta love us.



The real irony here is that the attraction of a V8 muscle car is its raw power, speed, and it setting you apart from the crowd. And if you offer up a car that has more power, is much faster, and uniquely different for its future forward technology – people will still want a “hemi”.
Even though engines with true hemispherical heads were abandoned in the last century….

Brewha wrote:



I have to agree. SMDH
The escape pod: https://cigarbid.freeforums.net 
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ZRX1200
a year ago
It lacks context.

Stellantis has been PHųcking its customers over for years with bad products, being allergic to announcing recalls, and not holding dealers responsible for their treatment of customers with service and price markups. They also rode the “Brotherhood” SRT/Demon thing into the ground and were forced into the EV market because they could NO LONGER AFFORD the FINES of ignoring cafe standards because people were tired of their 💩.

190 million in 2024.
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